Copper ticked lower on Monday as the euro fell to a seven-week trough against the dollar on worries about the eurozone debt crisis, while investors were largely unsure where prices were headed following recent volatility. The most-active July copper contract on the Shanghai Futures Exchange closed down 0.8 percent at 65,890 yuan per tonne.
"Prices have not moved a lot today and the market seems unsure of where they should end up," said Great Wall Futures analyst Li Rong. "In the short term, we are in a period of uncertainty when the dollar seems to be on a long-term stabilisation trend, whereas there hasn't been any particularly negative macroeconomic data as yet," he said. Technical charts suggest copper prices are expected to drop to $8,636 per tonne in London and to 64,110 yuan in Shanghai, said Reuters market analyst Wang Tao.